YEAH YEAH YEAH! We all know the rant about how the corporations would just pass the cost of the increased wages onto their customers (That’s you and me, son. That’s an us!) and we would all be … well, you know! So, let’s use the world’s largest non-government employer as an example, here’s the downside:
If every Walmart in the US paid every employee a minimum wage of $12 an hour and in turn passed that cost onto their customers, it would increase the total cost of an average buying spree at Walmart by—are you sitting down?—all of 1.1%.
That’s one-point-one percent.
Now, for those readers with even a touch of innumeracy, that means a wee bit more than one penny per one dollar spent. So, if you spend $20 at Walmart NOW, if the company raised their employees to $12 an hour, you would have to pay $20.22 for the same purchase AFTER the wage increase.
The upside: hundreds of thousands of Walmart employees would have millions and millions of dollars MORE per year to spend in and on the economy (which is always good), some of which could end up in your pocket, directly or indirectly (which is always better than good)!
So, what if we raised the federal minimum wage to $12 an hour?
As I tell everyone that I argue with LOOK IT UP! After all, that’s why GOD gave computers to Man …
HEADER IMAGE: Raising the federal minimum wage by these two bucks could help millions of Americans live a somewhat more secure life and it would boost the economy immensely. So think what would happen if we raised it to $15 an hour …